RNS - Quarterlies out

[FUBAR@Birth]

https://www.asx.com.au/asxpdf/20190131/ ... jmmpj9.pdf

Bizarrely it’s actually better than I expected it to be ! Maybe I am just getting numb to it.

Don’t get me wrong, it’s still bad enough and progress is excruciatingly slow and even at points backwards, but despite the weather and electric outages preventing as many workovers on wells as planned, production was only down 4% which actually suggests if they can get these done and the new tanks in place soon as, production could start to increase again quite reasonably paced.

Indonesia still looks damp squib and further cost cutting exercises to secure contracts for rig services (think they are clearly hoping for work from the new TT Govt company).

I’m just amazed we are still going. But ranges continues to grind on.. CEO comments they still are optimistic of ‘longer term’ growth of sp for shareholders. Lol, maybe I will get back 10% of my overall investment yet before I start getting my old age pension ! Just 16 years to go.......

Best wishes to all who still read this board

Fubs

[Buckz]

Malcy still believes....
Range Resources

Range has released its quarterly activities report for 4Q 2018, production suffered as did many with the weather but was only slightly lower at 572 bopd. The company is focusing on balance sheet restructuring and is in continuing discussions with the debt holder to reach a solution ‘for the benefit of all parties’.

The company is also continuing to reduce costs of the Trinidad operation and maintain their $6m of cash. Notwithstanding that they are progressing key exploration studies at the St Mary’s block wh8ch is potentially one of the most prospective onshore blocks in Trinidad. It is in a proven basin with world class source rock and on a good trend with the Shell operated Central Block. With a number of other blocks being progressed such as at Morne Diablo there appears to be some light at the end of the tunnel in this exciting oil province.

[Celticheart07]

Good to see that Malcy is still watching Range despite assurances from posters elsewhere that he is not

[Nedkellylandau]

Interesting that St Mary's is back in the mix and I can't see them spending money there without some promising indications. There are literally hundreds of wells on the site drilled many decades ago - has pressure re-established in these old areas? At least something to chew on thro the next couple of quarters until the refinance is sorted out.

[Celticheart07]

My understanding is that the drills on the St Mary's block were historically shallow wells. Maybe the feeling is that there is still a lot of untapped oil to be had at deeper drills, we will see what the new data throws up.

[Nedkellylandau]

Celticheart07 wrote:
> My understanding is that the drills on the St Mary's block were
> historically shallow wells. Maybe the feeling is that there is still a lot
> of untapped oil to be had at deeper drills, we will see what the new data
> throws up.

Many of the North Sea oilfields continued producing long after initial forecasts and produced above expectation. The reason for this was that they believe the fields were being partly replenished by lower bearing rocks at greater pressure. I suppose that as the pressure in the oilfield was depleted lower level oil was forced into the vacuum. This is partly what they are hoping for in Perlak and now perhaps St Mary's.
A lot of crossed fingers!!!!

[enfranglais]

That`s why a few of us are banking on HUR to recover losses from here!!!!!!!!
Watch out for FOIL soon.

[Martini069]

Excellent week last week. Oil hammering up and everything on track. Should be a good week again. DYOR.

[enfranglais]

Martini - We DYOR and found you were a "dead duck"!!!!!!!!!!!!!!!!!!!!